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THQ Goes down

THQ has filed for Chapter 11 bankruptcy and has entered into an asset purchase agreement with Clearlake Capital Group, a private equity firm. Clearlake is "to acquire substantially all of the assets of THQ's operating business, including THQ's four owned studios and games in development." THQ's stock on the Nasdaq exchange has been halted, with the company expecting to be delisted within nine calendar days.

"The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ's deep bench of talent," said THQ CEO Brian Farrell.

THQ hopes to have the sales process completed in 30 days. No layoffs are planned or announced at this time, with employees to be paid normally and work normal schedules.

THQ announced in early November that is was seeking "strategic alternatives" to its dire financial situation. Clearlake has agreed to serve as the "stalking horse bidder," a fancy term for an interested buyer chosen by the company, but there could be other interested buyers.

fuck them for not being consistent and wanting to nickel and dime buyers.
aint make no sense what they did to Saints Row 3.

fuck them.

I think Saints Row 3 suffered mostly because they created that engine completely from scratch. If they had used the same template from the previous 2 games and just improved the graphics and added stuff here and there it woulda been cool. The game just felt too short is all

THQ Dissolved, Saints Row, Company of Heroes, Darksiders Devs Acquired
Koch Media, Take-Two, Ubisoft and SEGA acquire Saints Row and more.
by Andrew Goldfarb
January 23, 2013
Following THQ’s auction of its assets, the new homes of THQ franchises are slowly being revealed. According to multiple IGN sources as well as reports circulating on Twitter, Koch Media, Take-Two, Ubisoft and SEGA are among the new owners of THQ’s intellectual property and studios.

It's worth noting that all of these sales are pending approval from U.S. bankruptcy court and nothing is finalized yet. A hearing is currently underway in Delaware.

SEGA has reportedly acquired Relic, developer of Company of Heroes and Warhammer 40,000: Dawn of War.

Koch Media (owner of Dead Island publisher Deep Silver) has reportedly agreed to purchase Saints Row developer Volition as well as the publishing rights to the Metro franchise.

Crytek, who is currently developing Homefront 2, has reportedly purchased the rights to the Homefront franchise.

Take-Two (parent company of 2K and Rockstar) has reportedly agreed to purchase Darksiders studio Vigil as well as Turtle Rock Studios’ project codenamed Evolve.

Ubisoft has reportedly purchased the rights to publish South Park: The Stick of Truth (pending any further objections from South Park Studios) as well as THQ Montreal, the current developer of Assassin’s Creed creator Patrice Desilets’ project codenamed 1666.

Many THQ employees, meanwhile, have reportedly lost their jobs based on early reports on Twitter.

We’ve reached out to all parties and will continue to update this story with comments and confirmation we receive.

Here is a list of the winning bidders, the winning bid amounts, and the backup bidder (if any) for the assets sold during THQ's bankruptcy auction. The blog Distressed Debt Investing, which had been following the proceedings in person for some time, said no bids were made for Vigil Games, makers of the Darksiders series. While Take Two was initially rumored to have acquired Darksiders publisher Vigil, it has since been revealed that this isn't the case.